Despite Bitcoin’s current struggle to surpass the $30,000 mark, data analytics firm Glassnode earlier today reported that the asset’s realized capitalization has since been on an upward trajectory, nearing the $400 billion mark.
Bitcoin Realized Cap Nears $400 Billion
According to Data analytics firm Glassnode, Bitcoin’s Realized Cap is now inching closer to $400 billion, showing that new capital is continuously entering the market despite the year’s ups and downs.
Bitcoin’s Realized Cap represents the total value of all BTC at the price they were last moved or transacted, indicating the cost basis of holders. When this metric rises, it reveals that BTC is being traded at progressively higher prices, which suggests an increase in demand.
Glassnode reported that the increase in BTC’s realized cap signals the consistent influx of capital into the asset throughout the year 2023. This steady inflow represents a stable investment climate surrounding Bitcoin, despite its recent price fluctuations.
Furthermore, Glassnode’s assessment of the ascending realized cap is indicative of a broader trend in the cryptocurrency market. The data analytics firms said, “It signals that coins are changing hands at higher prices on net,” – a phenomenon that underlines a rising demand for Bitcoin.
It is worth noting that this recorded increasing demand for Bitcoin comes at a time the asset might have flashed a hope of bullish moves following the surge in Spot Bitcoin ETF filings and financial giants such as BlackRock embracing the largest asset by market cap.
BTC Struggles To Push Past $30,000
Meanwhile, as Bitcoin realized’s cap is approaching $400 billion, the asset has struggled to make a significant move above the $30,000 mark. Over the past 24 hours alone, the BTC price has traded both below and above the $30,000 mark, suggesting a level of consolidation at this point.
Particularly, the asset currently has a 24-hour high of $30,292 and a 24-hour low of $29,792, at the time of writing. However, regardless of that, BTC is currently down by only a slight dip of 1% in the last 24 hours with a trading price of $29,882.
This latest price action follows Bitcoin’s quick spike which was seen last week on July 13. This surge brought Bitcoin price to trade even above the $31,000 mark before briefly slipping below $30,000. Over the past few days, however, a total of more than $30 billion has been removed from the BTC market cap.
The asset’s market cap has plunged from a high of $614 billion seen on July 13 to $583 billion, as of today. Additionally, BTC trading volume has also declined in the past week indicating less trading activity.
Featured image from iStock, Chart from TradingView